Knowledge base

According to commercial regulations in many common law jurisdictions, Directors have a duty of care requiring them to act in good faith for the company’s best interest, and using reasonable consideration of all available options before acting.

Following Circulars No.2011/11 and No.2011/5, this article will explain what a "dormant company" is, its symptoms and consequent requirements. The following is an extract from PART 1.7 of the "Company Income Statement" form (EP 4), whereby a definition of a dormant company is considered to be a company that meets the following conditions:

Representatives from the troika of Cyprus’ international lenders, the International Monetary Fund, European Commission and the European Central Bank, recently visited Cyprus for conducting their 4th post-scheme investigation following the islands recent withdrawal from the economic adjustment programme as agreed with the terms of the bailout.

Last month, the European Commission proposed an ambitious and comprehensive package of measures to tackle non-performing loans (NPLs) in Europe, making the most out of the promising progress already made in reducing risks in the banking sector.

Following the result of the referendum of 23rd June, Britain will in due course be leaving the European Union. The British High Commissioner outlined the processes currently being followed within government to prepare for the Brexit negotiations in order to find an outcome for the UK nationals living abroad in Cyprus.

A number of recently released documents show that the Cyprus passport by investment or naturalisation scheme remains a profitable source of revenue for the island, making almost €5 billion since it started in 2008 and granting EU citizenship to 1,654 foreign investors and their families.

Malta and Cyprus undeniably have the most favourable citizenship by investment programmes in Europe. Many individuals are using such schemes as a means of significant wealth protection and gaining dual nationality; while smaller economies within the EU receive financial compensation for the privilege.

When Cyprus’ fiscal and banking crisis culminated in the March 2013 bailout agreement, President Anastasiades’ government decided to help the economy return to growth as early as possible by giving the construction sector a boost throughout 2014; avoiding unemployment rates sky rocketing to an all-time high of 20%. This also included a number of supply and demand boosting measures to the Cyprus property market.

Berlin-based non-governmental organisation Transparency International are putting pressure on the European Commission to create plans to allow for reporting and full disclosure of all passport schemes of member states that allow foreign investors to acquire either EU citizenship or residence permit.

Demand Generation marketing efforts refer to the various marketing approaches companies of different sizes and stages of commerce need in order to drive attention, interest and retain clients. Essentially what turns a start-up to a sustainable large business that may have even have grown internationally.